12.28 COVID-19 Bulletin: Trump Signs Relief Package

President Trump Signs COVID-19 relief package.

President Trump has signed the COVID-19 relief package passed by Congress last week.  The President’s signature comes after he criticized the package after its passage telling Congress to send him new legislation. Trump also signed an annual spending bill averting a government shutdown in the remaining days of 2020.   

As we shared with you last week, the relief package includes:

  • A second round of direct payment checks
    • $600 for individuals making up to $75,000 per year
    • $1,200 for couples making up to $150,000 per year
    • $600 payment for each child dependent
  • Unemployment insurance supplement of $300 per week on top of NYS unemployment payments
    • Federal bump will run through March 14, 2021
    • Current federal supplement expires this week
  • $352 billion targeted for small business relief, including:
    • $284 billion for a second round of the Paycheck Protection Program (PPP), including:
      • Expanded PPP eligibility for 501(c)(6) nonprofits
      • Ability for restaurants and hospitality businesses to receive larger awards
      • Specific set asides for very small businesses and underserved businesses accessing funding through community-based lenders
      • Streamlined forgiveness for loans of $150,000 or less
    • $20 billion for new EIDL grants through SBA
    • $15 billion in dedicated funding for cultural institutions, live venues, and independent movie theaters
  • A provision to expand and extend the refundable Employee Retention Tax Credit which was originally passed as part of the CARES Act earlier this year
  • $69 billion for testing, tracing, and vaccine distribution efforts
  • $45 billion in transportation funding to be available to transit agencies, airline and airline contractors, airports, state DOTs, and other transportation sectors
  • $82 billion in education funding to both K-12 schools and higher education institutions
  • $25 billion to create an emergency federal rental assistance program to be distributed by state and local governments
  • $26 billion for nutrition programs
  • $10 billion to support the childcare sector including assistance to families and funding for providers dealing with increasing operating costs
  • $7 billion to expand access to broadband

The relief package does not include:

  • Liability protections for employers
  • Aid to states and local governments

 

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The Buffalo Niagara Partnership is committed to providing employers with the latest information and resources to help you deal with COVID-19 and its impact on our community, state and nation. Visit our Events and Resource pages as they are updated regularly to provide you with the most current information.

Do you have specific questions related to running your business or your business unit? Visit the BNP Business Link, a question and answer forum for, and by, the Buffalo Niagara business community.  Submit your questions and get expert answers on just about any topic from legal, IT, HR, NYS regulations, sales, marketing, communications and more.  It is quick, confidential, powerful and convenient.